11644 Roanoke Dr. Caldwell, ID 83605
Boise Idaho Area Real Estate Prices:
If you are an Idaho real estate seller, don't kick yourself too hard for not putting your house on the market a couple years ago. If you have held off for this long, hopefully you can make it through the turn, wherever that might be.
For Ada County average home prices, the drop has been significant, a whopping 25% down from this time 2 years ago (August 2010). For Canyon County home prices, however, the drop has been astounding! The average sales price of a single-family residence dropped 33% in the same 2 year period!
Take a look...
Idaho Short Sale - What IRS Form do I use for forgiven debt?
Many Idaho home sellers were able to avoid foreclosure by going through the short sale process.
Often times, the short sale lender will issue the home seller a 1099-c form. This information must be reported on your annual income tax return.
For most home owners who short sold their primary residence, this forgiven debt may be non-taxable. It is important to consult your tax professional or attorney for taxation issues.
The Debt Forgiveness Act of 2007 offers forgiveness of income tax for forgiven debt to most home owners. This Act was extended through the end of 2012. Though most home sellers may not have to pay taxes on the foregiven debt, there are exceptions.
As a buyer, you are entitled to know exactly what you are getting. Don't take for granted what you see and what the seller or the listing agent tells you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition.
Beforehand, make sure the report will be done by a professional organization, such as a local trade organization or a national trade organization such as ASHI (American Society of Home Inspection).
Title Insurance: As a homebuyer, the term is probably familiar -- but is it understood? What is your dollar actually paying for when you purchase a title policy?
Title Insurers, unlike property or casualty insurance companies, operate under the theory of risk elimination. Title companies spend a high percentage of their operating income each year collecting, storing, maintaining and analyzing official records for information that affects title to real property. Their technical experts are trained to identify the rights others may have in your property, such as recorded liens, legal actions, disputed interests, rights of way or other encumbrances on your title. Before closing your transaction, the title company will proceed to "clear" those encumbrances which you do not wish to assume.
As a seller, the home inspection report protects you because it establishes the actual condition of the property at the time of sale.
A home inspection usually covers the following: